MERRIFIELD, VA-Inova Health Care Services is taking 51,611 square feet at 8111 Gatehouse Rd., a building that BPG Properties has owned here since 2006 and that it has been steadily leasing up. When it acquired the 282,000-square foot building, it was occupied by the American Red Cross as part of a short-term sale leaseback. After the association moved to downtown DC in 2008, BPG began an extensive renovation to the building that it completed in 2009.
A year ago, it inked leases with a Department of Defense agency for 70,000 square feet and with Accenture for 12,000 square feet, Brian J. Fitzgerald, SVP and director of BPG’s Washington, DC regional office, tells GlobeSt.com. The building has about 140,000 square feet left to lease at asking rates of $32 per square foot.
Inova was represented by Chuck Matincheck of Donohoe Real Estate Services. Dave Millard, Peter Berk, Nick Gregorios and Marty Almquist, all of Avison Young, represented the landlord.
Merrifield is trending very positively now, Fitzgerald notes. “It has one of the lowest vacancy of any of the submarkets in Northern Virginia, of less than 9%.” It is also one of the smallest submarkets, totaling a mere 10 million square feet.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
